The meme coin sector took another beating Monday, with Dogecoin (DOGE) shedding more than 9% and Shiba Inu (SHIB) sliding over 5%. Both tokens are extending their breakdowns inside long-running bearish channels, and the technical picture isn't exactly inspiring confidence.

Dogecoin Can't Catch a Break as Sellers Pile On

Dogecoin slipped right into the lower boundary of a falling channel that's been rejecting every recovery attempt since late October. If you've been watching DOGE hoping for a turnaround, well, you've been disappointed pretty consistently.

The token remains stuck below the Supertrend barrier at $0.1686, which keeps the overall bias pointed firmly downward. The moving averages tell the same story, and they're all trending in the wrong direction if you're long.

Here's where things stand: the 20-day EMA sits at $0.1536, followed by the 50-day at $0.1730, the 100-day at $0.1906, and the 200-day at $0.2020. Every single attempt to reclaim even the 20-day line has failed since October. That's not a chart pattern that screams "buy the dip."

The next critical area to watch is a broader support zone around $0.12 to $0.13. If that level doesn't hold, things could get even uglier for DOGE holders.

But the price action isn't the only concerning signal. According to Coinglass data, DOGE recorded $14.38 million in net outflows on December 1st, with red prints dominating the scene since September. Translation: traders aren't just selling, they're consistently pulling money out of the token rather than accumulating at these supposedly attractive lower levels. When the dip keeps dipping and nobody's buying it, that tells you something about sentiment.

Shiba Inu Gets Rejected at Key Resistance Cluster

Shiba Inu didn't fare much better, falling more than 5% to trade around $0.00000790 after failing to break above its short-term resistance earlier this week. The chart shows SHIB still trapped inside the same downward channel it's been stuck in all year, with each bounce getting smacked down quickly by sellers.

Price made an attempt to move higher earlier in the week, but as soon as it touched the area where several moving average lines cluster together, it turned tail and headed lower. That latest rejection confirms what the pattern has been showing for months: sellers are still firmly in control, and they're not going anywhere.

SHIB is now drifting back toward the lower half of the channel again. The lower band of the Bollinger indicator, currently sitting near $0.00000761, is the next area where price has reacted before. But here's the thing—past visits to this level only produced small, short-lived bounces. Nothing substantial. Nothing that suggested buyers were strong enough to actually shift the trend.

Losing the $0.00000800 support level increases the risk of SHIB sliding back down to this lower zone. And if history is any guide, any bounce from there will probably be weak and quickly reversed.

For any real improvement in the outlook, SHIB would need a daily close above $0.00001050, which is the area it hasn't been able to reclaim for months. Until that happens, the broader downtrend stays intact and continues to put a ceiling on any recovery attempts. You can call it resistance, you can call it overhead supply, but whatever you call it, it's been working.

What It All Means

Both meme coins are facing the same fundamental problem: sellers keep showing up at every rally attempt, and buyers aren't stepping in with enough conviction to change the trend. The technical damage is real, the momentum is negative, and the flow data suggests smart money is heading for the exits rather than loading up.

Could things turn around? Sure. Markets can always reverse. But right now, the weight of the evidence suggests the meme coin rally that captivated crypto traders earlier this year has lost its momentum. Until these tokens can reclaim their key resistance levels and hold them, the path of least resistance appears to be lower.

For now, the bears are winning, and they're not giving up without a fight.